Deloitte, KPMG, PwC, and EY are diving headfirst into the future with massive AI investments. These titans of the accounting world are embracing cutting-edge technology to revolutionize the industry.
by The Finance Story
- Imagine AI solutions tailored for auditing, taxation, and consulting. It’s happening!
- Deloitte, KPMG, PwC, and EY are diving headfirst into the future with massive AI investments.
- These titans of the accounting world are embracing cutting-edge technology to revolutionize the industry.
- Here’s everything you need to know about AI investments by the Big 4s.
PwC’s $1 billion bet on AI
In August 2023, OpenAI launched a business-savvy version of its famous ChatGPT chatbot with backing from Microsoft. This tool is designed to help large corporations supercharge their operations, grow their businesses, and get results faster than ever before.
And any guesses who is one of their biggest enterprise clients…PwC!
PwC is rolling out ChatGPT Enterprise to 100,000 UK & US employees, with 75,000 in the US alone.
PwC will also be the first reseller of ChatGPT Enterprise, enabling their 175,000+ clients worldwide to buy the product from both OpenAI and PwC.
This partnership is part of PwC’s massive $1 billion investment in generative AI for its US operations over the next three years.
They are not stopping there.
PwC also collaborated with tech giants like Microsoft, Amazon, and Google to provide top-notch AI solutions to their clients.
Over the past year, PwC has been on a mission to integrate AI into every aspect of its operations.
Have a look at PwC’s AI Progress:
PwC’s chatbot: ChatPwC
PwC has developed its chatbot, ChatPwC, built on OpenAI’s GPT-4 model.
Over 100,000 PwC employees worldwide are already using it, reporting a whopping 20% to 40% boost in productivity. But that’s not all!
PwC is crafting personalized AI tools to help review tax returns, create software, and generate reports.
Internal AI adoption
They’ve been training their staff, building custom AI tools, and using AI to enhance their consulting technology platform.
Client demand
PwC is engaged in generative AI projects with 950 of its top 1,000 US consulting clients.
They’ve identified over 3,000 internal use cases for generative AI.
Using ChatGPT Enterprise, PwC will test and refine the technology internally before sharing its insights with clients.
| Details | Description |
| Investment | $1 billion investment in generative AI for its US operations over the next three years |
| Chatbot Name | ChatPwC. Built on OpenAI’s GPT-4 model |
| Chatbot usage | Crafting AI tools for reviewing tax returns, creating software, and generating reports |
| Employee Usage | Over 100,000 PwC employees worldwide, reporting a 20% to 40% boost in productivity |
Also read: Google Layoffs Finance Team Amid AI Focus. Operations Shift to Bengaluru, Mexico, Dublin
Other Big 4s’ investment in AI
EY
In September 2023, EY announced the launch of the artificial intelligence platform EY.ai following a US$1.4b investment.
This ispart of EY’s larger $10 billion enterprise investment plan spanning three years, which was announced in 2021.
This includes:
| Details | Description |
| Investment | US$1.4 billion |
| EY.ai | A platform leveraging EY technology and AI capabilities, expertise in strategy, transactions, transformation, risk, assurance, and tax, to help clients adopt AI confidently and responsibly. |
| EY.ai EYQ | EY’s conversational AI assistant is built on its own large language model to aid EY employees in ideation, research, and creation. |
| EY’s Intelligent Payroll Chatbot | Uses Microsoft Cloud and ChatGPT in Azure OpenAI Service to answer complex payroll questions, personalize employee experience, and reduce employer burden by over 50%. |
| Assurance Technology | EY has released more than 20 new Assurance technology capabilities. EY’s next-generation Assurance technology platform now incorporates Microsoft’s Artificial Intelligence capabilities. |
| EY.ai Workforce | A collaboration with IBM to integrate AI into key HR business processes. |
KPMG
In 2023, KPMG announced it would invest $2 billion over the next 5 years into AI initiatives through its new AI and digital innovation group.
Paul Knopp, Chairman and CEO of KPMG US says, “We expect to generate about $12 billion of additional revenue over the next several years.”
| Details | Description |
| Investment | US$2 billion over the next 5 years |
| Partnership with Microsoft | Leverages Microsoft Cloud, Azure OpenAI Service, and Microsoft 365 Copilot to improve client engagements, integrating AI into core audit, tax, and advisory services for clients. |
| Workforce Empowerment | Equips KPMG’s 265,000 employees to enhance creativity, conduct quicker analyses, and offer more strategic guidance. |
| Client Assistance | Helps clients, including 2,500 joint KPMG & Microsoft clients. With? Navigate the AI landscape and address pressing business challenges. |
| Investments in Startups | Through KPMG Ventures, the firm’s investment arm 1. Cranium: AI security company safeguarding AI systems. 2. Auditoria.AI: Utilizes AI for financial applications, revolutionizing corporate finance tasks like cash flow management. 3. Rhino.AI: Strategic alliance for portfolio modernization. |
Also read: Future of AI is India: Why finance professionals in India must prioritize upskilling
Deloitte
On 4th April 2024, Deloitte announced that it is investing $2 Billion to Accelerate Industry Advantage for its Clients.
The investment includes Industry-focused technology incubators, co-investment with alliances, GenAI-enabled accelerators, and workforce development.
Deloitte AI Institute: Did you know Deloitte has something known as the Deloitte AI Institute which was established in 2020?
Deloitte AI Institute is essentially Deloitte’s central hub for everything related to Artificial Intelligence (AI). It functions as a global centre for the research, development, and implementation of AI solutions within Deloitte.
| Details | Description |
| Investment | US$2 billion |
| Deloitte AI Institute | Launched in 2021 Deolitte AI Institute is a central hub for AI-related activities within the firm, including research, and development. It helps businesses understand how AI can be applied to their specific needs. |
| PairD | A generative AI chatbot developed by Deloitte’s AI Institute, PairD assists with PowerPoint creation, email drafting, report writing, task automation, and code generation. |
| DARTbot | An internal chatbot powered by generative AI to assist 18,000 U.S. Audit & Assurance professionals. It helps in researching complex accounting questions, driving efficiency, and providing a differentiated audit experience to clients. |
Also read: Meta’s CEO Mark Zuckerberg to build AGI, a type of AI that can perform any intellectual task like humans
Worried AI Will Take Your Job? Think Again!
According to Paul Knopp, CEO of KPMG US, AI isn’t here to replace you—it’s here to empower you!
Think again, because according to the CEO of KPMG US, it will improve your work and assist you in your role while reducing tedious tasks.
Previous technological disruptions have never significantly impacted or eliminated jobs. This disruption will be no exception, as he mentioned in an interview with Bloomberg.
Carmine Di Sibio, EY Global Chairman and CEO, says:
“AI’s moment is now. Every business is considering how it will be integrated into operations and its impact on the future. However, the adoption of AI is more than a technology challenge.
That’s why EY teams help clients identify how to capture the transformative power of AI from every seat at the boardroom table and across the enterprise.
It’s about unlocking new economic value responsibly to realize the vast potential of this technological evolution.”
(The above information is collated from the Big 4 websites and other reliable sources on the internet. We have verified the above details but kindly do your research)
